Kenya’s PI Consulting Services has launched Bayes to allow users to make payments quickly and securely while analyzing your spending patterns and tracking them for you via web, mobile apps and USSD.

The pre-paid digital wallet allows Peer to peer transfers, transfers to mobile wallets and to bank accounts, allows merchant payment, utility bills payment and Airtime purchase as well as access to quick short term credit.

Bayes allows users to download the app, register and set up their digital wallet immediately. Users only need to be 18 years of age and over and ought to provide a valid ID and phone number during registration.

“We were inspired by the challenges faced getting services or accessing credit from commercial banks and the lengthy processes of making payments be it via Mpesa or other available avenues,” Benson Muteru of PI told TechMoran.

Bayes allows its users to deposit money into their Bayes account through the Bayes M-PESA Paybill (599862) while a user’s ID works as the account number. The service also offers a deposit feature within the app that directly moves money from your M-PESA wallet into the Bayes wallet.

Unlike other banks, Bayes requires no minimum balance in the Bayes account and currently users can only have a maximum of one hundred and forty thousand shillings (140,000) Kenya shillings at any one time in the wallet just like M-PESA.

Muteru says there is no daily transaction limit yet and users can be able to make payments as many times as they wish to M-pesa, to their Banks or to another Bayes customer. After sending the amount, a user gets a notification and text receipt on successful transfer of funds.

“Our funds transfer are real-time and the recipient should receive the funds immediately. We work with all the banks in Kenya and users can also pay bills in real-time,” says the firm. To pay a bill using Bayes, one logs into their app, clicks on the Pay Bills tab. Then clicks on the bill they want to pay be it Electricity, Water, Internet, TV, etc. The system notifies the users of their payment amount due, then a user enters the amount they’d like to pay, chooses their preferred payment method such as M-pesa, Bayes Account , QR Code and then they can confirm their transaction details and click to pay.

After paying, a user will get a confirmation of the payment and also get a text receipt confirming the payment. The process for paying merchants is also similar. From the Bayes app, you click on the Pay merchants tab, then enter the merchant’s account or scan QR code. Enter the amount you’d like to pay then choose your preferred payment method; M-pesa, Bayes account, QR Code then confirm your transaction details and click to pay.
You will get a confirmation of the payment within seconds and also get a text receipt to confirm your payment.

Users have to options for withdrawing money from Bayes wallet. One can either withdraw from any M-pesa agent or request for a Bayes card that will allow them to withdraw cash from any ATM countrywide.

Though the firm hasn’t talked about regulations and licensing especially for savings and loans, Bayes says it monitors transactions in your account and alerts you of any suspicious account activities. Bayes close competition is CBA Bank’s Loop which has been struggling to gain traction for months since its launch in Kenya.